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Oct 7, 2012
10/12
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that he would not cut taxes at all if they added to the deficit at all. now, as "the washington post" reporter checks out, for two years rom hi has been campaigning on a tax cut that would cost around $5 trillion over ten years. he said he would eliminate deductions and spending to pay for it. he never offers details. he did say he would cut funding for public broadcasting which was 0.01% in 2012. medicaid was 0.13%. romney also spoke in favor of regulations including much of the dodd/frank bill and he repeatedly held up as a model his health care plan in massachusetts which has added center the individual mandate and on which obama care is based. romney's transformation did not happen overnight. the candidate has been reworking his stuck stuck speech. he has a five-point stump speech. the first four points are absolutely identical to obama's stump speech. 2, dough mess tech energy, 3, retraining programs, four, domestic. on five they differ. i've long argued that romney is an intelligent man trapped in a party that has forced him to embrace extreme and i
that he would not cut taxes at all if they added to the deficit at all. now, as "the washington post" reporter checks out, for two years rom hi has been campaigning on a tax cut that would cost around $5 trillion over ten years. he said he would eliminate deductions and spending to pay for it. he never offers details. he did say he would cut funding for public broadcasting which was 0.01% in 2012. medicaid was 0.13%. romney also spoke in favor of regulations including much of the...
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Sep 30, 2012
09/12
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it's tax on capital gains. there are lots of people who believe it should be taxed as ordinary income. would you support moving the carried interest so it's taxed as interest rule. >> it came about always sweat equity. if someone came to you and said i want to open a restaurant. you take 80% of the profits and i'm take 20%. that's what care rid interest is. it's what the venture capital firms do and that's how people do. it incents people to look at it. all the way to farm countries to carried interest because we need to raise more revenue. >> what do you think of this man as a leader? he hired you, i assume. >> he gave me my first job back at bane company. he's an incredible family man. he's got a good sense of humor. it sometimes gets him in trouble but he geeset great sense of humor, and he's have very good sense of humor. i'm heartened by the fact that we have two fantastic candidates. i worked with president obama as well. they boenlt have a high degree of education and both knowledgebling. i think we're l
it's tax on capital gains. there are lots of people who believe it should be taxed as ordinary income. would you support moving the carried interest so it's taxed as interest rule. >> it came about always sweat equity. if someone came to you and said i want to open a restaurant. you take 80% of the profits and i'm take 20%. that's what care rid interest is. it's what the venture capital firms do and that's how people do. it incents people to look at it. all the way to farm countries to...
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Oct 3, 2012
10/12
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CNBC
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on the issue of taxes, mitt romney has proposed a 20% across the both tax cut that he says will not increase the deficit and will not shift the burden to middle income taxpayers. yesterday in a radio interview he began to outline how he might pay for that, said he would limit tax deductions for families to $17,000. that is a step toward specificity, but barack obama can go after him on that. by the same token, romney can go after obama because obama's talked about reducing the corporate rate to 28%, but he hasn't specified how he'd pay for it. and then you have the issue of jobs. romney talks about the job record on net from the beginning of president obama's term. and if you do that, it's just about even. maybe a few jobs in the positive territory. but barack obama talks about what's happened since early 2010 since the turnaround started. they'll clash on that. on medicare, the big entitlement spending issue that threatens the bunch the long term. mitt romney's proposed with paul ryan an ambitious reformation of the program that would go to voucher, but he hasn't said what the level of the
on the issue of taxes, mitt romney has proposed a 20% across the both tax cut that he says will not increase the deficit and will not shift the burden to middle income taxpayers. yesterday in a radio interview he began to outline how he might pay for that, said he would limit tax deductions for families to $17,000. that is a step toward specificity, but barack obama can go after him on that. by the same token, romney can go after obama because obama's talked about reducing the corporate rate to...
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Oct 4, 2012
10/12
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plan calls for a $5 trillion tax cut on top of the extension of the bush tax cuts. that's another trillion dollars and $2 trillion in additional military spending that the military hasn't asked for. >> i'm not in favor of a $5 trillion tax cut. that's not my plan. my plan is not to put in place any tax cut to add to the deficit. >> now, today, the president is saying, hang on. that's not mitt romney. he says romney's changing the tune on the crucial issue of taxes to make himself sound more centrist. ali velshi is here to make sense of what we heard last night. >> right. >> the first question on the tax cut proposal. the president is saying he's flip flopping. is he proposing $5 trillion in tax cuts? >> so this is a tricky one. what mitt romney is saying is he wants to reduce taxes across the board in every category. wherever you are coming down 20%. if you don't figure out where you're going to make up the taxes from, if you take 20% less from everybody it's over 10 years a $4.9 trillion loss and overstating it a little bit but there's a study that's been done and
plan calls for a $5 trillion tax cut on top of the extension of the bush tax cuts. that's another trillion dollars and $2 trillion in additional military spending that the military hasn't asked for. >> i'm not in favor of a $5 trillion tax cut. that's not my plan. my plan is not to put in place any tax cut to add to the deficit. >> now, today, the president is saying, hang on. that's not mitt romney. he says romney's changing the tune on the crucial issue of taxes to make himself...
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he said he and his son calculated how much they pay in taxes, federal income tax, payroll tax, state sales tax, state property tax, gasoline tax, it added up to well over 50% of what they earned and your plan is to take the tax rate on successful small businesses from 35% to 40%. the national federation of independent businesses says that will cost 700,000 jobs. i don't want to cost jobs. my priority is jobs. and so what i do, i bring down the tax rates, lower deductions and exemptions, the same idea by bowles-simpson, get the rate down to create more jobs. nothing better to create a balanced budget than having more people working, earning more money, paying more taxes, that's the most effective and efficient way to get the budget balanced. >> jim, you may want to move on to another topic. i would say this to the american people. if you believe we can cut taxes by $5 trillion and add $2 trillion of additional spending to the military that is not asking for, $7 trillion, to give you a sense, over ten years, that's more than our entire defense budget, and you think that by closing loop
he said he and his son calculated how much they pay in taxes, federal income tax, payroll tax, state sales tax, state property tax, gasoline tax, it added up to well over 50% of what they earned and your plan is to take the tax rate on successful small businesses from 35% to 40%. the national federation of independent businesses says that will cost 700,000 jobs. i don't want to cost jobs. my priority is jobs. and so what i do, i bring down the tax rates, lower deductions and exemptions, the...
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tax cut across the board. mitt romney never specified the deductions that he discusses and doesn't give specifications on, to say i don't have a tax cut is surreal and the president with malpractice not pushing back on that and demanding specifics. >> some of the president's supporters said he needed a cup of coffee or two after watching that. let's listen to this from the president, guys and then, john, i want your thoughts on this one. >> does anybody out there think that the big problem we had is that there was too much oversight and regulation of wall street? because if you do, then governor romney is your candidate. >> did he, john, miss an opportunity to go further with the banks there? >> i mean, that was one of i think president obama's better lines in the debate because he was calling out in a limited way and halting way all of a sudden mitt romney saying that the problem with the dodd-frank was that it was a big kiss to the new york banks which is itself a surreal etch-a-sketch moment. the president
tax cut across the board. mitt romney never specified the deductions that he discusses and doesn't give specifications on, to say i don't have a tax cut is surreal and the president with malpractice not pushing back on that and demanding specifics. >> some of the president's supporters said he needed a cup of coffee or two after watching that. let's listen to this from the president, guys and then, john, i want your thoughts on this one. >> does anybody out there think that the big...
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Sep 30, 2012
09/12
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i think it's a good idea. >> half of property taxes go to schools to be fair. tracy, the kids issue, you can get them out of your house two years earlier. what do you make about that? >> you know what, the money issue to me is separate from the academic development issue. i don't think these kids should be rushed through school. i do think there's a reason they need these years to develop as people. when you do look at the dollars and cents, there are a lot of people that live in towns that don't even have kids in the school system. close to 50% of their taxes are going to the schools that are not spending the money properly. if you can get a kid that can take advantage of every dollar given to them, they can get through the system and take advantage, why not? >> sally cohen, at the same time taxpayers are saying why not on the other end of the spectrum, because it's not just property taxes going to schools, but also look at all the fights we've had about teac teacher pensions and teacher salaries. get more kids out of school faster, save money. >> as taxpayers
i think it's a good idea. >> half of property taxes go to schools to be fair. tracy, the kids issue, you can get them out of your house two years earlier. what do you make about that? >> you know what, the money issue to me is separate from the academic development issue. i don't think these kids should be rushed through school. i do think there's a reason they need these years to develop as people. when you do look at the dollars and cents, there are a lot of people that live in...
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why not get rid of the company's and lower taxes for everyone? >> we never give out cash measure on how and expensive. we just give conditional incentives temporary tax relief. >> you have to do it to compete. to give up politician a checkbook is dangerous do anything new want to bring jobs to the state. they could be gone when the bill comes to do. you can win without doing that the seven think you governor daniels now rated number three and the most improved state not to maine court in new hampshire or north dakota. >> we are gaining on them. >> what about housing for amtrak or the post office? ♪ [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. john: did you go to the post office website? we do. since then franklin was appointed the first postmaster the post office has grown and changed with a
why not get rid of the company's and lower taxes for everyone? >> we never give out cash measure on how and expensive. we just give conditional incentives temporary tax relief. >> you have to do it to compete. to give up politician a checkbook is dangerous do anything new want to bring jobs to the state. they could be gone when the bill comes to do. you can win without doing that the seven think you governor daniels now rated number three and the most improved state not to maine...
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Oct 5, 2012
10/12
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he says i'm not offering a tax cut to the wealthy. is that actually true? no. his plan actually would dramatically decrease the tax burden on the wealthy in this country. now, contrast that with obama. contrast that with how he has governed. if he sounds like a centrist in the debate, has he governed more as a centrist. look at health care. he took the individual mandate, a republican idea and proposed a plan and implemented a plan friendly to the private insurance industry. wall street reform. liberals say he didn't go far enough. he mentioned social security. he was willing to cut a grand bargain with republicans last year on social security and medicare. the key point is this, i think. if you're a liberal you have a lot of room to criticize from the left the actual actions that obama has taken as president and the policies he's proposed. if you're a conserve it active and looking at mitt romney, you may not like him personally. you may not think in his heart of hearts he's a true believer, but you have no ground to object to him when it comes to policy, beca
he says i'm not offering a tax cut to the wealthy. is that actually true? no. his plan actually would dramatically decrease the tax burden on the wealthy in this country. now, contrast that with obama. contrast that with how he has governed. if he sounds like a centrist in the debate, has he governed more as a centrist. look at health care. he took the individual mandate, a republican idea and proposed a plan and implemented a plan friendly to the private insurance industry. wall street reform....
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Oct 4, 2012
10/12
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a tax reform only happens if romney wins. mlp's are at greater risk if you have an all republican washington. the one thing that the republicans on the right care about is lower rates and a broader base. >> thank you for your time. up next a food stock that has been serving up products. what new projects the company has cooking. >>> we have gotten a story you can sink your teeth into. i didn't write that. well, you know, it is already out there. the company has reports 7 straight upside earning surprises. joining us is the ceo. i understand that you are about to report your earnings shortly. so you are in a quiet period. what can you tell us. >> business is good. consumption numbers are up double digit. eating healthy and i've said it on the show before is not a fad or a trend. we have prop coming up. 98% of hain's products are free. we introduced a how much or bpo food. you squirt it off into the bowl for kids. there is so much out there today. i just saw numbers where more an more consumers are eating at home. business is s
a tax reform only happens if romney wins. mlp's are at greater risk if you have an all republican washington. the one thing that the republicans on the right care about is lower rates and a broader base. >> thank you for your time. up next a food stock that has been serving up products. what new projects the company has cooking. >>> we have gotten a story you can sink your teeth into. i didn't write that. well, you know, it is already out there. the company has reports 7 straight...
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Sep 30, 2012
09/12
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tax policy but not by to buy another issues. i was not present the day they shutdown the event but many were shouting there is no debate. no-space 48. that hit home. >> he was shouted down. john: somewhere outside the building and throwing rocks through the window? >> university reacted and condemned the action. unc denounce. but some people did not want to have the debate. some think my views are so illegitimate i should not say them. john: you go to campuses around the country. most illiberal others are silenced? >> that is fair. the culture is monolithic they don't seem interested to change that. they pass policies to make it more difficult for students to have minority viewpoints to speak out. john: and professors at lean left, 51% registered democrats. but only 14% are republican. social science is only 6%. >> 70 2% self identify as liberal. which is a big disparity between them and the general public. john: you were a junior when obama was elected? >> it was light a little of the colt it happened across the nation. john: n
tax policy but not by to buy another issues. i was not present the day they shutdown the event but many were shouting there is no debate. no-space 48. that hit home. >> he was shouted down. john: somewhere outside the building and throwing rocks through the window? >> university reacted and condemned the action. unc denounce. but some people did not want to have the debate. some think my views are so illegitimate i should not say them. john: you go to campuses around the country....
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Oct 2, 2012
10/12
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corporate tax reforms should pt affect the tax right? by the way, why haven't you talked more in your campaign about the 20% tax cut and the corporate tax cut from 35 to 25%. supply sides have been critical of you and your running mate because you seemed to have back add way from the tax issue which even president obama believes would have stimulate the economy. >> i'm sitting here debating an able congressman. but the fact is, that president ro romney's plan is out there for everyone to see. they are on the record and he will implement for the purpose of creating boe ining growth. it is because you are running to help everybody. everybody that needs to get a job and people are suffering out there. >> what besides taxes. >> what besides taxes? >> give me something else? >> the most important thing is to get the private sector something else. people are on the sls out there. you know what, people have an uncertainty and i don't think we can afford another four years of interrupted jobs. >> president, i'm going to give you the last word. j
corporate tax reforms should pt affect the tax right? by the way, why haven't you talked more in your campaign about the 20% tax cut and the corporate tax cut from 35 to 25%. supply sides have been critical of you and your running mate because you seemed to have back add way from the tax issue which even president obama believes would have stimulate the economy. >> i'm sitting here debating an able congressman. but the fact is, that president ro romney's plan is out there for everyone to...
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tax rate, they're taxed at a lower rate. the businesses in the last 3% of businesses happen to employ half -- half of all people that work in small business. they employ one-quarter of all workers in america, and you want to take their tax rate from 35% to 40%. i talked to a guy with a very small business, he's in the electronics business in st. louis. he has four employees. he said he and his son calculated how much they pay in taxes, federal income tax, federal payroll tax, state sales tax, state property tax, gasoline tax, it added up to well over 50% of what they earned. and your plan is to take the tax rate on successful small businesses from 35% to 40%. the national federation of independent businesses says that will cost 700,000 jobs. i don't want to cost jobs. my priority is jobs. and so what i do, i bring down the tax rates, lower deductions and exemptions, the same idea by behind bowles-simpson, by the way, get the rates down, lower exemptions and create jobs. there's nothing better to get us to a balanced budget t
tax rate, they're taxed at a lower rate. the businesses in the last 3% of businesses happen to employ half -- half of all people that work in small business. they employ one-quarter of all workers in america, and you want to take their tax rate from 35% to 40%. i talked to a guy with a very small business, he's in the electronics business in st. louis. he has four employees. he said he and his son calculated how much they pay in taxes, federal income tax, federal payroll tax, state sales tax,...
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i want to cut taxes, president obama wants to raise taxes. historically that has been a devastating argument. for the president and joe biden to talk about raising taxes when you have millions and millions of americans out of work, it does not seem to work, and everyone knows the actual tax hikes will do almost nothing for the deficit. so it is just kind of catnip for the left. let's raise taxes on the rich. class warfare. i don't think it is a successful economic strategy, and i'm not sure it will or politically either. gerri: interesting days. that is for sure. you will have you back to talk more. when we come back to be searching for a deal, but prescription drugs online presents a all new sets of problems. we will explain. an age-old question resurfacing. can women have it all? are we dissing mother had? this is going to be a panel. you will love it. it will be a lot of fun. ♪ [beep] [indistinct chatter] [kids talking at once] [speaking foreign language] [heart beating] [heartbeat continues] [faint singing] [heartbeat, music playing lou
i want to cut taxes, president obama wants to raise taxes. historically that has been a devastating argument. for the president and joe biden to talk about raising taxes when you have millions and millions of americans out of work, it does not seem to work, and everyone knows the actual tax hikes will do almost nothing for the deficit. so it is just kind of catnip for the left. let's raise taxes on the rich. class warfare. i don't think it is a successful economic strategy, and i'm not sure it...
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the earned income tax credit. i doubled the earned income tax credit. it was signed under the tax credit. reagan started it. we started it with a strong support of republicans in congress. president bush dealt with that, then president obama increased the earned income tax credit for families with more than three children. this is a rejection of basically more than three decades of bipartisan policy to support working families. it's not a bunch of free loaders. there's only 4% of the total population who don't pay federal income tax and don't work and may not be looking for work. we now have the numbers on this, so, i think that most important thing for him is to find a way to relate to more people in these debates and speak to more of them. this is not the republican primary anymore. >> is he principled, do you think? mitt romney? >> that's not the issue, to me. i think he will -- i think he's principled in the sense that he will keep the commitments that he has made. almost all people when they run for president
the earned income tax credit. i doubled the earned income tax credit. it was signed under the tax credit. reagan started it. we started it with a strong support of republicans in congress. president bush dealt with that, then president obama increased the earned income tax credit for families with more than three children. this is a rejection of basically more than three decades of bipartisan policy to support working families. it's not a bunch of free loaders. there's only 4% of the total...
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Oct 5, 2012
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he has a tax cut. if you implemented it, what he says though, and has said from the beginning is that he will pay for that tax cut. when you include that sentence, he then says fairly scored, i have promised as a later date to pay for it. the question has been how are you going to pay for it? why should we believe you when no republican in 20 or 30 years has paid for a tax cut. i'm not sure it is wrong for romney to say that he is going to do a $5 trillion tax cut. the problem is he hasn't told us a word about how he is going to pay for it. the three things he wants to do, have the 20% across the board rate cut and have it paid for while protecting a bunch of tax cuts, they can't be done at once. something has to give and we don't know what it will be. >> he is wrong. because, if we give them the allowance that you are willing to give him, that will be the first time in the history of the discussion of tax policy in our government that anyone has been able to say i don't have a $5 trillion tax cut beca
he has a tax cut. if you implemented it, what he says though, and has said from the beginning is that he will pay for that tax cut. when you include that sentence, he then says fairly scored, i have promised as a later date to pay for it. the question has been how are you going to pay for it? why should we believe you when no republican in 20 or 30 years has paid for a tax cut. i'm not sure it is wrong for romney to say that he is going to do a $5 trillion tax cut. the problem is he hasn't told...
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Oct 3, 2012
10/12
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but not dictions sufficient to take the taxes up. we hope the middle class will have a tax reduction even with the elimination of deductions and putting a cap on deductions actually gives more credibility because you can give the middle class more deductions. the governor also said if you have more incomes, you pay lower caps, in other words $17,000. the idea that taxes on the well-to-do and the successful and those who are making a lot money will not go down. middle classing we hope they will stay where they are, or come down. coming down is a possibility. the important part of this tax plan, is to remember, when you earn, say you earn $200,000 and you have $20,000 worth of deductions, so now you paying tax on $180,000. if you paid tax at 35 percent rate, obviously the rate will be below $35 percent because you do not pay on full $200,000. governor romney is saying reduce that rate and every dollar you earn offer the amount that uses up the tax deductions, you will pay the lowest rate on. it will encourage people to earn more money,
but not dictions sufficient to take the taxes up. we hope the middle class will have a tax reduction even with the elimination of deductions and putting a cap on deductions actually gives more credibility because you can give the middle class more deductions. the governor also said if you have more incomes, you pay lower caps, in other words $17,000. the idea that taxes on the well-to-do and the successful and those who are making a lot money will not go down. middle classing we hope they will...
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would you give up the mortgage tax deduction for a lower tax rate? log on to gerriwillis.com, vote on the right hand side of the screen and all share the results of the end of tonight's show. coming up later, you will not want to miss this. joins us with his preview of tonight's debate and there will be a huge windfall for the government but a hit to your pocketbook. find out how much more un nearly every other american will be paying uncle sam if we drive over the fiscal cliff in january. nearly 1 billion people around the world don't have enough food to survive. we can't let this happen. there is something we can do about it. please join christina aguilera and yum! brands in the movement to fight world hunger by supporting the united nations world food programme. for more information, go to fromhungertohope.com. your contribution will feed children and save lives. together, we can stop the dying and start the living. and together, we can move people from hunger to hope. and together, we can move people why they're always there to talk. i love you,
would you give up the mortgage tax deduction for a lower tax rate? log on to gerriwillis.com, vote on the right hand side of the screen and all share the results of the end of tonight's show. coming up later, you will not want to miss this. joins us with his preview of tonight's debate and there will be a huge windfall for the government but a hit to your pocketbook. find out how much more un nearly every other american will be paying uncle sam if we drive over the fiscal cliff in january....
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Oct 1, 2012
10/12
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one thing or another is that a tax increase or not? it is through the tax system. so, did you lie? he's going to say no, i did not lie. >> you say something, you call him out on it. here's the deal. romney's not going to try to bring it up in the debate. nor will president obama because the moment you do, you have opened the door for your opponent to actually you out. so, responsibility's going to rest on the debate moderator, who is not going to do it, but again, what people are saying is can i get somebody to tell me the truth? you can cross words all you want to, but there are some things called undeniable truth. so no matter how you want to dance around it, some things are very clear. >> there's also such a thing as throwi throwing things against the wall and that is what the obama campaign has been effective at doing and the romney campaign hasn't been. >> the romney campaign, they have been -- i can show you the proof. go to our website. again, you have campaigns -- >> check up on after the fact. >> my point, you said earlier -- i said absolutely. if you have that many eyebal
one thing or another is that a tax increase or not? it is through the tax system. so, did you lie? he's going to say no, i did not lie. >> you say something, you call him out on it. here's the deal. romney's not going to try to bring it up in the debate. nor will president obama because the moment you do, you have opened the door for your opponent to actually you out. so, responsibility's going to rest on the debate moderator, who is not going to do it, but again, what people are saying...
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payroll tax, real estate tax, gas tax, on and on and on. the president raises the rates to 5%, most businesses work on 5% or 8%. how much more can they sustain? that reduces jobs, kills us. neil: that's your point; right, dave? >> exactly. you know, there's no 5% there. our goal is 2 #.5%, neil. our goal -- >> if we're lucky. neil: goal is 2.5% -- >> in a good economy. 2.5% net in a good economy in the business we do today. add 5% there -- >> you're done. >> 2.5% in the red, that's right. neil: if you hear mitt romney saying i'm going to essentially get off your back, going to roll back regulations. he was not specific which, make sure the government cools it on taxes, didn't say to the degree of what allowances and writeoffs and deductions he limits, were you either troubled by the fact it might be a wash? that you, for example, in your case for your catering business, you might see, butch, no tax savings at all, but you might have a lower rate, but can't deduct as much. >> that will kill us. without disposable income for me to spend or gr
payroll tax, real estate tax, gas tax, on and on and on. the president raises the rates to 5%, most businesses work on 5% or 8%. how much more can they sustain? that reduces jobs, kills us. neil: that's your point; right, dave? >> exactly. you know, there's no 5% there. our goal is 2 #.5%, neil. our goal -- >> if we're lucky. neil: goal is 2.5% -- >> in a good economy. 2.5% net in a good economy in the business we do today. add 5% there -- >> you're done. >> 2.5%...
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Sep 30, 2012
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it's tax on capital gains. there are lots of people who believe it should be taxed as ordinary income. would you support moving the carried interest so it's taxed as ordinary income? as interest rule. >> it came about always sweat equity. if a restaurant your said i want to open a restaurant. want you to invest $50,000. you take 80% of the profits and i'm take 20%. that's what carried interest is. it's what the venture capital firms do and that's how people are compensated. do. it gets people to look at it, the tax code should be looked at from farm subsidies to carried interest and corporate loopholes because we need to raise more revenue. >> what do you think of this man as a leader? he hired you, i assume. >> he gave me my first job back at bain and company before bain capital was started. he's an incredible family man. he's got a good sense of humor. it sometimes gets him in trouble but he's got a great sense of humor, and he has a great sense of humor. i'm heartened by the fact that we have two fantastic c
it's tax on capital gains. there are lots of people who believe it should be taxed as ordinary income. would you support moving the carried interest so it's taxed as ordinary income? as interest rule. >> it came about always sweat equity. if a restaurant your said i want to open a restaurant. want you to invest $50,000. you take 80% of the profits and i'm take 20%. that's what carried interest is. it's what the venture capital firms do and that's how people are compensated. do. it gets...
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tax havens. mitt romney avoided paying his fair share. what else is he hiding? >>> joining me now, david k johnston author of the new book, "the fine print" and karen finney. david k. johnstone, the times got tax experts to look at the tax returns and some documents they obtained from bain from this new report today. what did we learn? >> well, the cayman islands 4 hundred years ago was a hang out for pirates now it's a hang out for tax pirates. instead of a buried map of where the tresh is, now you get this opinion letters from lawyer, if you follow one every one of these steps, you can get your treasure untaxed to the cayman islands. one of the things the times points out because of the way these were set up and the fees they were charged against them, the less taxes paid by those who were investing, the greater the sum available and therefore the higher the fees that romney collected. >> karen finney, romney, you get the sense the romney campaign expected that the tax return story was a story
tax havens. mitt romney avoided paying his fair share. what else is he hiding? >>> joining me now, david k johnston author of the new book, "the fine print" and karen finney. david k. johnstone, the times got tax experts to look at the tax returns and some documents they obtained from bain from this new report today. what did we learn? >> well, the cayman islands 4 hundred years ago was a hang out for pirates now it's a hang out for tax pirates. instead of a buried map...
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he wants to give tax cuts to people over to -- 250. repeal the estate tax and he said he also wants to increase spending for the defense industry. so i don't -- it's right there. this is what he has been running on. he says this will spark economic revival. >> so we don't know is what the president will run on. lou: we do know. he has to run on his record. what he has done is not deliver on cutting the deficit. what he has done is create over $5 trillion in deficits. and a debt of $16 trillion in total. >> see him run his record. that is what he has done. lou: i want to understand something here. is there some way he doesn't run on his record? i'm sorry. >> for the last 20 muncie has been running and his record. lou: i'm not talking about that. i'm talking about right now. governor romney put him on his record, and that was his signature achievement. >> i promise you, what they will do, they're going to fire ever nuclear bomb they have. lou: had dirty. is that what you're saying? >> at the end of the day, the fact that the man stood on
he wants to give tax cuts to people over to -- 250. repeal the estate tax and he said he also wants to increase spending for the defense industry. so i don't -- it's right there. this is what he has been running on. he says this will spark economic revival. >> so we don't know is what the president will run on. lou: we do know. he has to run on his record. what he has done is not deliver on cutting the deficit. what he has done is create over $5 trillion in deficits. and a debt of $16...
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there are other things, marketing, taxes, things like that. we don't know the cause but we know one thing, the oil companies fully integrated make more money when the price of gasoline is higher. so, it's certainly more than coincidental that the price of gasoline stays higher longer than the price of oil. there's no evidence to show that there's something -- that there's a legitimate effort by oil companies to keep gasoline prices higher. it is certainly suspicious and certainly profitable for the oil companies. >> sterling, what's going to get gas prices down? that's all people care about. they keep hearing oil prices are going down, yet they drive to the pump and pay $4.50 or $5 a gallon? >> well, you can work three end of it. you can work it, supply. you can work on demand. and we're doing both of those. and you can work it volatility, which is a huge, huge factor. as i said, gas -- most of the retailers in my area are independent retailers. they don't lock in long-term or can't lock in long-term oil/gasoline contracts. >> but how much --
there are other things, marketing, taxes, things like that. we don't know the cause but we know one thing, the oil companies fully integrated make more money when the price of gasoline is higher. so, it's certainly more than coincidental that the price of gasoline stays higher longer than the price of oil. there's no evidence to show that there's something -- that there's a legitimate effort by oil companies to keep gasoline prices higher. it is certainly suspicious and certainly profitable for...
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he has an entitlement reform plan, tax plan, corporate tax plan, energy plan, trade plan. the president doesn't. and i think it really showed. he imagined he was going to get through this race simply by disqualifying romney. they almost did it during the summer. they came this close. >> hold on a second. >> i want to ask you something. the whole debate last night was obama saying no to romney's agenda. we all learned romney's agenda. nobody learned obama's agenda. now he's going back to negativism. this is a huge mistake. let me tell you something else romney did to get reaction. your man obama is going to have so much trouble. romney said to 68 million viewers, i can make a deal. i can go across the aisle like i did in massachusetts. in fact he even said about his tax reform plan, if you don't like the specific version let's talk about some other options. but you, mr. president, you couldn't make a deal. you had a deal, you broke the deal with john boehner. that's what the woodward book is all about. in other words, this is something independents love. i say clinton democ
he has an entitlement reform plan, tax plan, corporate tax plan, energy plan, trade plan. the president doesn't. and i think it really showed. he imagined he was going to get through this race simply by disqualifying romney. they almost did it during the summer. they came this close. >> hold on a second. >> i want to ask you something. the whole debate last night was obama saying no to romney's agenda. we all learned romney's agenda. nobody learned obama's agenda. now he's going...
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everybody would like a tax cut. who wouldn't want a tax cut, especially 20% across the board? if you're making 35%, the top rate, you go to 28%. all chris wallace was trying to get from ryan on sunday was just tell me what big deductions you're going to get rid of so we can finance that. it's the question. of course everybody wants a tax cut, but if it's not going to cause bigger deficits, tell us how you're going to do it, and they won't do it. they won't say we're going to get rid of charitable deductions, won't get rid of homeowner, state and local. that's where all the money is. it's not little doodads here. joan, you take this one. he won't tell us. same question comes up wednesday night, can romney dodgeball it? can he say i'm not telling you how i'm going to do the major thing i promised to do, get the economy going through a tax cut, but i'm not going to tell you how i'm going to do it. can he get away with it with even the -- >> i hope not. i think this is a moment for jim lehrer to be very tough, respectful tough, and for president obama to come back at him and to sa
everybody would like a tax cut. who wouldn't want a tax cut, especially 20% across the board? if you're making 35%, the top rate, you go to 28%. all chris wallace was trying to get from ryan on sunday was just tell me what big deductions you're going to get rid of so we can finance that. it's the question. of course everybody wants a tax cut, but if it's not going to cause bigger deficits, tell us how you're going to do it, and they won't do it. they won't say we're going to get rid of...
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we understand the taxes will be incurred, i think i already know what the answer to that is. is getting rid of our credit card debt worth it? sharon? >> do you not want to touch your 401(k), but in this case it's not because i don't believe stealing from your future to pay for your debts right now. another factor. great that she has a job now, but she had been unemployed for 18 months. going to take her a while to get on solid footing. start paying off this credit card debt with whatever money she's bringing in. but, i don't want to advocate bankruptcy, but there may be a situation where it takes her longer than she -- she really doesn't have the wherewithal to get it all paid off. that may be an option for her and the reason why she doesn't want to touch that 401(k), don't want to mess the 401(k) is the creditors can't mess with it so that's something protected by the creditors. keep that 401(k), do not touch it. talk to a non-profit credit counsellor. find out whether or not debtadvice.org, great place to go to find one. see what they can say about getting your cash flow ba
we understand the taxes will be incurred, i think i already know what the answer to that is. is getting rid of our credit card debt worth it? sharon? >> do you not want to touch your 401(k), but in this case it's not because i don't believe stealing from your future to pay for your debts right now. another factor. great that she has a job now, but she had been unemployed for 18 months. going to take her a while to get on solid footing. start paying off this credit card debt with whatever...
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what about this tax plan. is president obama obligated to supporters to point out to them that this is flawed? what do you think? >> i think the moderators are going e to ask governor romney about a lot of the things that you just talked about. i hope the moderator gives governor romney a chance to do what paul ryan said he didn't have time to do and that is explain how they pay for a $5 trillion tax cut. as you pointed out, ed, it is a time problem that is vexing in this budget. it's a math problem. they can't pay for it. if they can't pay for it, then they are going to raise taxes on the middle class. that's what the economic studies have shown. and look, i don't know anybody who thinks we're another tax cut for a millionaire away from a stronger middle class. that's just not how we have built our economy before and it's not how we're going to continue to make our country strong now. >> will president obama confront romney on these issues or rely on the debate moderator to do it? how aggressive will the pres
what about this tax plan. is president obama obligated to supporters to point out to them that this is flawed? what do you think? >> i think the moderators are going e to ask governor romney about a lot of the things that you just talked about. i hope the moderator gives governor romney a chance to do what paul ryan said he didn't have time to do and that is explain how they pay for a $5 trillion tax cut. as you pointed out, ed, it is a time problem that is vexing in this budget. it's a...
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, like your home mortgage tax deduction, in the romney/ryan tax plan. not enough time. they can't even say if you will pay more or less with their tax plan. well, mitt, i'm sure president obama will give you as many of his minutes as you need to explain it all in wednesday night's debate. >> mitt romney needs a great october. >> we know romney needs a great october. >> to change the course of this campaign. >> the final push is on. >> just days away from the first presidential debate. >> both candidates cramming for the first debate. >> everyone trying to lower expectations. >> franticly spinning to lower expectations. >> >> president obama is an experienced debatetor. >> i'm just okay. >> almost everyone seems to be muting enthusiasm in trying to undersell thvernlths is mitt's first time. >> i don't buy that. >> chris christie is taking a different tack. >> we have a candidate who is going to do extraordinary well on wednesday night. come thursday morning when we get to thursday morning, the entire narrative of this race is going to change. >> this is
, like your home mortgage tax deduction, in the romney/ryan tax plan. not enough time. they can't even say if you will pay more or less with their tax plan. well, mitt, i'm sure president obama will give you as many of his minutes as you need to explain it all in wednesday night's debate. >> mitt romney needs a great october. >> we know romney needs a great october. >> to change the course of this campaign. >> the final push is on. >> just days away from the first...
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that would definitely raise taxes on some taxpayers, even if romney's able to bring the overall tax rates down, which he says he wants to do. who gets hurt in this scenario? people with huge mortgages. people who donate a lot of money to charity and people who have overall high deductions. they might lose more here than they gain by the rates being lowered overall. that is who's going to get squeezed under this proposal but the romney campaign saying not a specific idea, just kicking around things verbally in the debate. >> amman, thanks. john, what should president obama's objective be? >> he has the same agenda with any football team that has a lead late in the game. don't turn the ball over. he doesn't need to score. he doesn't need to move the ball. he just needs to prevent from the kind of catastrophic mistake that has occurred from time to time in presidential debates. not often. and president obama's not prone to mistakes very often. so he's got a low bar for what he wants to accomplish. we do know that a challenger merely by taking the stage with an incumbent president sell vated
that would definitely raise taxes on some taxpayers, even if romney's able to bring the overall tax rates down, which he says he wants to do. who gets hurt in this scenario? people with huge mortgages. people who donate a lot of money to charity and people who have overall high deductions. they might lose more here than they gain by the rates being lowered overall. that is who's going to get squeezed under this proposal but the romney campaign saying not a specific idea, just kicking around...
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i want to keep taxes down on small business so we can create jobs. this is about good jobs for the american people. >>neil: he swings, slams, scores, way too early to say if the swing states swinging back to the challenger but after last night, the critics say they probably stopped swinging away. larry said the race ain't over but he also is saying for the challenger it is an uphill fight. what do you make of last night and how this changes the dynamics? >> everyone, obviously, just about everyone, from right to left, says that romney won the debate. i gave you a full "a" and i give the president a "c" minus. there was a giant difference between their performance. everyone who was fair was impressed with how romney handled that from going to end. obama was stunned by how well romney was performing. he seemed almost to take a step back and tune out. >>neil: do you think he came in to it is on the clock, the president, to your point he didn't expect this, and he saw little risk in taking on mitt romney and even if romney did well it would not move the
i want to keep taxes down on small business so we can create jobs. this is about good jobs for the american people. >>neil: he swings, slams, scores, way too early to say if the swing states swinging back to the challenger but after last night, the critics say they probably stopped swinging away. larry said the race ain't over but he also is saying for the challenger it is an uphill fight. what do you make of last night and how this changes the dynamics? >> everyone, obviously, just...
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i don't have a tax cut that's $4.8 trillion. i'm not going to cut taxes on the rich. i don't have a medicare voucher plan. i love teachers. and i think we need more of them. look, don't believe me. speaker gingrich was pretty eloquent running during the primaries and saying, mitt romney will say absolutely anything to get elected. and if somebody says absolutely anything to get elected you have to wonder what they'll say when they are president of the united states. >> so, speaker, you did say he was fundamentally dishonest after debating him in the primaries. this is not a new attack against romney policy. >> no. and i think that the challenge for the obama people is pretty simple. the president of the united states had 90 minutes. now, if he had done his homework and actually prepared, if he had actually studied romney, why didn't he say it? why didn't he take romney head on? first of all, the charges on the tax cuts are plain wrong, and i think virtually every analyst has said and even your deputy campaign manager said the charges made are wrong. but forgetting tha
i don't have a tax cut that's $4.8 trillion. i'm not going to cut taxes on the rich. i don't have a medicare voucher plan. i love teachers. and i think we need more of them. look, don't believe me. speaker gingrich was pretty eloquent running during the primaries and saying, mitt romney will say absolutely anything to get elected. and if somebody says absolutely anything to get elected you have to wonder what they'll say when they are president of the united states. >> so, speaker, you...
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they get jobs, they get tax revenue and they have a casino on a property that was actually abandoned. the question we want to ask on "fast money," what's in it for pen national gaming, ticker pnn. they had had to pay a $50 million license fee. $400 million to get in here. 53% of their revenues, that's their tax rate, yet they're here and they're happy about it. >> we think we're going to make a nice living here in central ohio. as i said before, there are only two casinos here serving 1.5 million people. as we look at the metrics and do the market analysis, we think this is going to be a very good return for our shareholders. >> reporter: this is the third ohio casino open in the last year. penn owns one, caesars owns another and will open one in cincinnati next spring. pen market cap around $3 billion. czr, one-third of that size. they're obviously competing for these non-traditional markets in this country. if you think vegas and macao are positive trades, take a look. there's valley technologies and wms industries, third is aristocrat out of australia. he he said that space is so c
they get jobs, they get tax revenue and they have a casino on a property that was actually abandoned. the question we want to ask on "fast money," what's in it for pen national gaming, ticker pnn. they had had to pay a $50 million license fee. $400 million to get in here. 53% of their revenues, that's their tax rate, yet they're here and they're happy about it. >> we think we're going to make a nice living here in central ohio. as i said before, there are only two casinos here...
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. >> are you going to make your tax returns available to the press? >> say again? >> are you going to make your tax returns for the past several years available to the press? >> i didn't hear you. >> apparently we are losing audio with arnold schwarzenegger in los angeles. arnold, thank you for your time. we appreciate it very much. let me switch over to -- >> now, governor, you actually heard just fine, didn't you, at that particular moment? >> not that i can remember. >> here's what you wrote about that exchange that we just played you with matt lauer. as he pressed me for specifics on how to bring back the california kple and when i would release my tax returns, i realized i was unable to answer. i finally had to resort to the grou groucho marx trick of, i'm sorry, i can't hear it. it was my lamest performance ever. >> maria was really mad at me. she said, you need to think about what you are going to say when you do those interviews. and i said you better believe it. there's a lot of things i have to learn now that i'm on the campaign trail. >> would you run fo
. >> are you going to make your tax returns available to the press? >> say again? >> are you going to make your tax returns for the past several years available to the press? >> i didn't hear you. >> apparently we are losing audio with arnold schwarzenegger in los angeles. arnold, thank you for your time. we appreciate it very much. let me switch over to -- >> now, governor, you actually heard just fine, didn't you, at that particular moment? >> not...